House repossession in Ontario often stems from mortgage defaults or breaches of agreement terms, leading to legal actions like power of sale or foreclosure. Understanding the warning signs and available options can help homeowners take steps to prevent losing their property.
A notice of sale is issued to a borrower who has defaulted on their mortgage, outlining the total amount due and additional charges. This document is a key part of the power of sale process, which can lead to eviction and the sale of the property unless the borrower takes specific steps to address the default.
If you are facing the threat of repossession of your property by your lender, it is imperative to try to take the necessary steps to prevent losing your home. Learn more
Lenders in Ontario will sometimes, although a rare occurrence, have to deal with mortgages that have fallen into default. When deciding which method will be used to deal with mortgage arrears the term often used is default management. Learn more
If an Ontario homeowner is facing a power of sale or foreclosure on their property, steps should be taken to stop the process from carrying out to completion and losing possession of the property. Learn more
Eviction enforcement was halted in mid-January as part of an emergency declaration by the province to fight the second wave of COVID-19. During this time a stay-at-home order was also issued, restricting all outside travel for non-essential workers. Learn more
Despite the high costs associated with owning a home In Ontario, mortgage arrears are still very unusual. Out of the owned properties in the Province, 2,652 properties have fallen into arrears which represent less than 1% (0.11%) of properties where mortgage default has become an issue. Learn more
There are times when Ontario homeowners may have fallen behind in monthly mortgage payments. Financial circumstances may change and the mortgage may fall into arrears.
Bankruptcy is something that affects thousands of people in Ontario every year. Every few years the Ontario Superintendent of Bankruptcy releases a set of detailed statistics about bankruptcies in the